Titles Flashcards
1) Deeds
(a) Transfer of legal title in day of closing
2) Present Warranties
Seisin
(a) Right to convey
(b) Covenant against Encumbrances
seisin
“I own the property”
3) Future Warranties
(last forever)
(a) Quiet enjoyment
(b) Warranty
(c) Further Assurances
(a) Quiet enjoyment
(i) Grantee will not be bothered by claims
(b) Warranty
(i) Defend against future claims
(c) Further Assurances
(i) Will do whatever to fix defect
4) General Warranty Deed
(a) Promises all above warranties, since the property was developed/created
5) Special Warranty Deed
(a) Promises all 6 warranties since the SELLER has title
6) Quitclaim Deed
Yahoo Title
(a) NO promises regarding title
B) Formalities of Closing
1) Writing
2) Delivery of Deed
Acceptance
Merger
3) Description of the Property
Deed Merger
(a) At closing the K and the deed MERGE
5) Description of the Property
(a) Must be “reasonably definitive”
C) Transfer of Property by Will or Law
1) Liens
(a) Estate pays off liens
D) Adverse Possession
Ane Cho
(a) Continuous
(b) Actual
(c) Open and Notorious
(d) Hostile
(e) Exclusive
1) Drafting Documents
(a) Non-attorney ok
(b) But not to give legal advice
2) Equal Dignity Rules
(a) Agent may sign deed on behalf of the GRANTOR
(b) Need permission in Writing
F) RECORDING STATUTES
1) Notice Statute
2) Race Statute
3) Race Notice Statute
1) Notice Statute
(a) Key Words: “subsequent purchaser for value without notice”
(b) Last Bona Fide Purchaser Prevails
2) Bona Fide Purchaser (Innocent buyer)
(a) Pay for Property, not have gotten it by deed or inherited it
(b) Take Property without notice, actual or constructive of any prior conveyance
3) Race Statute
(a) First Person to record wins
4) Race Notice Statute
(a) First Bona Fide Purchaser to record
(b) Key words “First recorded”
5) Shelter Rule
(a) One who takes from BFP will prevail against anyone the transferor-BFP would have prevailed against
6) Wild Deed
(a) A recorded deed outside the chain of title
